Fantom (FTM), Bittensor (TAO) and Aave (AAVE) are among the biggest gainers in the past 24 hours. The altcoins are seeing the most upside action in the top 100 coins by market cap as of 4pm ET on September 9. Meanwhile, Bitcoin (BTC) has bounced above $57,000 after revisiting sub-$54k over the weekend.

FTM, AAVE and TAO tokens are all up double digits, with Bittensor price up more than 16% to change hands above $286. Meanwhile, Fantom price was trading above $0.46, up nearly 14% at the time of writing, and Aave price hovered near $142 with the DeFi token’s value up more than 13% in the past 24 hours. Bitcoin price bounces above $57k Bitcoin’s bounce to above $57,000 follows Monday’s upward action after BTC dropped to below $54k over the weekend. While the flagship cryptocurrency remains in a bearish hold with the Fear & Greed Index in extreme fear, analysts are bullish on long term prospects. As highlighted earlier, Bernstein analysts see the US election as a key factor in the short term. A win for Donald Trump could mean a price explosion to above $80k. On the flipside, Kamala Harris winning could catalyse a downward move to lows of $30k. FTM, TAO and AAVE tokens surge The Bittensor token soared when Grayscale unveiled the AI tokens fund, allowing for exposure to top artificial intelligence tokens like Render (RNDR), Filecoin (FIL), and Near (NEAR). While the latest surge occurred amid a broader market spike, TAO looks to have hit an upward gear as fresh network developments highlighted TAO staking and delegation. Meanwhile, FTM is soaring as the community cheers developments around Sonic Labs. The Sonic testnet has achieved key milestones, while Fantom founder Andre Cronje believes the Sonic blockchain network could tap into an $11 trillion market that’s the unsecured lending industry. On the other hand, AAVE price looked to bounce after a dedicated Ether.fi (ETHFI) market went live on Aave. The deployment allows users to borrow stablecoins, including USDC, PYUSD and FRAX against their liquid staking tokens weETH.

weETH is among the liquid restaking tokens that are enabling DeFi strategies such as leveraged ETH staking. Aave already has a dedicated market like this on the top Ethereum staking platform Lido.

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Judge allows parts of Coinbase’s shareholder lawsuit to proceed on negligence claims. Plaintiffs allege Coinbase misled about regulatory risks; some claims dismissed. Coinbase remains confident and committed to defending against the remaining allegations.

In a significant legal development, US District Judge Brian Martinotti has partially a motion filed by Coinbase to dismiss a class action lawsuit filed by shareholders. The lawsuit, dating back to 2022, accuses Coinbase of misleading investors about the potential risks of regulatory action from the US Securities and Exchange Commission (SEC). Coinbase accused of providing false and misleading statements The plaintiffs allege that Coinbase provided materially false and misleading statements about its exposure to regulatory scrutiny. They claim that the exchange painted an overly optimistic picture regarding the likelihood of SEC enforcement actions by asserting that the digital assets listed on its platform were not classified as securities. This stance, they argue, was contradicted when the SEC subsequently sued Coinbase for alleged violations of federal securities laws in June 2023. Judge Martinotti’s recent ruling allows parts of the shareholder lawsuit to proceed, specifically those alleging that Coinbase acted negligently in its communications about regulatory risks. While many of the plaintiffs’ claims were dismissed, the court found that some allegations regarding Coinbase’s portrayal of its regulatory exposure were sufficiently plausible to warrant further examination. The decision highlights ongoing concerns about transparency and the accuracy of risk disclosures in the cryptocurrency sector. Coinbase’s spokesperson has expressed confidence in the company’s position, noting that the court’s decision is based on the plaintiffs’ allegations rather than established facts. The spokesperson emphasized that the company remains committed to defending itself and proving its case. This legal battle underscores the critical importance of transparent and accurate communications for companies, particularly in the highly regulated and evolving field of cryptocurrency. As Coinbase navigates these challenges, the outcome of this lawsuit could have broader implications for the industry’s approach to regulatory compliance and investor relations.

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